Seller is Baluma S.A.
Enjoy S.A. has announced it will raise between US$350 million to $550 million to buy Baluma S.A.’s 55 percent stake in the Conrad Punta del Este Resort in Uruguay.
According to Yogonet.com, Enjoy has informed Chilean regulators that it will raise its debt limit to complete the purchase of the landmark hotel and casino, which is worth an estimated US$200 million.
The deal has been in the works since November 2012, Enjoy bought 45 percent of the property for US$139.5 million in cash and stock. Baluma S.A. is a Caesars subsidiary, and the agreement made Caesars a shareholder in Enjoy. At the same time, it was announced that Enjoy would ultimately have an option to acquire the remaining stake in Baluma S.A.
Enjoy is a leading Chilean casino operator, controlling about 37 percent of the market. It owns some 6,000 slot machines, 274 tables and 860 bingo seats at seven casinos in the country and also operates casinos in Argentina and Uruguay. In February 2016 Enjoy opened its first Colombian casino on San Andrés Island in the Caribbean. It is the first of three casinos the company plans to open with the hotelier Decameron. Decameron operates a chain of hotels in the Caribbean, Central America, South America, and Africa.
